If not and you are in the business of preparing taxes, you are a real estate agent or broker, an IT professional, or an insurance agent, you need what’s called “errors and omissions insurance” (E&O). In actuality, identical coverage is called “professional liability insurance” when it’s engineers, architects and accountants who buy it. And doctors and lawyers call this type of insurance “legal or medical malpractice insurance.”
Suppose you want to become one of those tax preparers who are going to be extremely busy when the IRS hires thousands of new IRS agents. You will want the best errors and omissions insurance you can find since one little mistake can cost you a mint and a very angry client. You’ll need coverage in case of lawsuits brought by customers if you miss a deadline, lose a document, or make a mistake in your calculations. And, thankfully, if you do make a mistake, errors and omissions insurance will give indirect protection to your client, and save you a lot of frustration and expense.
Even if you don’t actually make a mistake, there will be those clients who get angry and sue for no reason at all. When money is involved, people can always think up a reason to sue. So, for the sake of financial safety, security, and peace of mind, get the errors and omissions insurance you need. Contact Koch Insurance Group for our expert advice and assistance in acquiring the right policy for your needs.